Nine Entertainment Co has reached an agreement with Microsoft to acquire its 50% stake in digital advertising business Mi9.
Nine Entertainment Co, chief executive officer David Gyngell, said Nine had bought out Microsoft’s 50%share of Mi9, but they will retain their strategic-partnership of twenty years.
“This agreement allows Nine Entertainment Co to retain the key elements of our almost two decade strategic partnership with Microsoft," he said.
"It strengthens the platform for Nine Entertainment Co's growing digital video business and ultimately allows us to control 100% of our digital future."
Under the agreement Mi9 will continue to represent Microsoft’s advertising products online.
The Australian Financial Review reports the deal may delay Nine’s float to institutional investors, which was reportedly scheduled for later this week.
The newspaper reports Mi9 was estimated to have made between $25 million and $30 million from display advertising on ninemsn.com.au in 2012-2013, before interest tax, depreciation and amortisation.